Digital wealth advisory platform Endowus announced that it has acquired a majority stake in Hong Kong-based wealth manager Carret Private Investments.
Continuing to operate under the individual Endowus and Carret Private brands, the group’s expertise in technology, talent, systematic wealth advice, and institutional investing across the public and private markets, as well as alternatives are complementary to each other.
The combined Endowus Group’s client assets was reported to have surpassed US$4 billion as of end-H1 2022.
The completion of the acquisition deal will serve as a launchpad for Endowus to make its entry into Hong Kong, its first overseas market.
The firm had appointed Steffanie Yuen as the Head of Hong Kong in July this year to lead Endowus’ presence in the country.
Earlier this year, Endowus had received approval from the Securities and Futures Commission of Hong Kong (SFC) to offer its wealth management and advisory services in the territory.
The Endowus Group, through Carret Private’s minority shareholding, will also have a strategic partnership with Singapore-based Lumen Capital Investors.
Licensed by the Monetary Authority of Singapore, Lumen is a Singapore-based wealth advisor and multi-family office that was founded and led by private banking veteran Wilfried Kofmehl.
Samuel Rhee, Chairman and Chief Investment Officer of Endowus said,
“Endowus brings strength in technology and innovative WealthTech solutions that complement the deep trusted relationships Carret Private has built with its broad client base in Asia.
The combination of Endowus, Carret Private and the partnership with Lumen will allow us to scale and grow faster, and lead the industry towards greater transparency and integrity in providing the highest quality wealth advisory services as fiduciaries and the lowest cost access to solutions that help our clients achieve better outcomes.”
Kenneth Ho, Managing Partner of Carret Private said,
“This acquisition will help Carret Private to meet the three key trends in our industry of meeting the digital demands of our clients; creating more transparent, fee driven businesses, and helping us to expand into the private markets asset class.
We are excited for Endowus to be the engine in addressing these client needs and seizing growth opportunities for the group.”